a guide to HAMP loan modifications
In certain cases, signed copies of your most recent federal tax return. (If you have filed electronically, print a copy and have all parties sign the hard copy.)
Household expenses, including but not limited to second mortgages, revolving debt, car payments, alimony /child support and homeowners’ association (HOA) and /or condominium fees, if applicable.
Your hazard and flood insurance premiums, as applicable.
Your real estate/property taxes. This information is often available online from your county, city or other tax jurisdiction’s web page.
Household assets, including but not limited to amounts in checking and savings accounts, certificates of deposit (CDs), stocks and bonds.
More information on HAMP can be found at www.makinghomeaffordable.gov.
Finally, stay in contact with your servicer and /or mortgage
counselor at all times. Notify your servicer /counselor of any change in your circumstances, including new employment or problems with making payments under any modification plan.
Be realistic about your own financial conditions.
Be cooperative, honest and keep your commitment on any modification agreement.
A HAMP modification is not the only workout tool available. If you do not qualify for HAMP, ask your servicer about other alternatives, including postponements of regular payments (called forbearance), repayment plans, non-HAMP modifications and other workout options.
Go to www.homeloanlearningcenter.com to learn more about financing your home. 2 of 2 © 2009 Mortgage Bankers Association. All Rights Reserved.